OMX, St Petersburg Exchange and RX - group of venture capitalists focused on the Russian market - will each own an equal stake in the new marketplace, which will be called International Exchange St Petersburg (IXSP).

OMX says it will supply a dealing platform and a price dissemination system to IXSP, which will be run in accordance with international standards and operated by St Petersburg Exchange.

The new market will offer small and mid-sized Russian growth companies access to international capital without the need for a foreign listing.